Gryphon Gold is pleased to announce that exploration drilling has begun on the Borealis Property. One reverse circulation drill was mobilized on April 27th, 2010 to complete a 7000’ drilling program.
The program will complete a series of holes that is designed to upgrade inferred oxide resources reported in the 2008 NI 43-101 “Technical Report on the Mineral Resource of the Borealis Gold Project Located in Mineral County, Nevada, USA” to the Measured and Indicated category and to potentially add additional oxide ounces to the Borealis resource. The drill program will test multiple targets within the permitted mining area with the designed intent of adding ounces of gold previously reported as resources to the short term mine plan. Targets include extension of known ore zones, infill drilling and identification of additional mineralized zones.
Initial drilling within the Freedom Flats pit is designed to test potential shallow oxide mineralization on the southwest side f the pit. A second area that has had limited drilling is the Middle Ridge area located between the East Ridge and Northeast Ridge pits. Previous drilling by Gryphon identified a new zone and this will be drill tested to both move resources previously reported inferred gold ounces into the Indicated resource category and to explore for new gold mineralization. Other drill targets are being considered that will upgrade inferred gold ounces into a future mine plan.
Gryphon Gold Corporation and Sage Gold Inc. entered into an option agreement on March 5, 2010, as amended. Under the terms of the Option Agreement Gryphon has granted Sage the right (the “Option”) to earn a 50% interest in Borealis property, including the fully permitted Borealis gold project (“Borealis Project”) located in the Walker Lane Mineral Belt of Southwest Nevada, subject to the terms and conditions of the Option Agreement.
The Borealis property is described in a technical report dated September 17, 2009 titled Pre Feasibility Study on the Mineral Resources of the Borealis Gold Project Located in Mineral County, Nevada, U.S.A prepared in accordance with National Instrument 43-101 of the Canadian Securities Administrators (“NI 43-101”). This technical report describes the exploration history, geology and style of gold mineralization at the Borealis property. Disclosure in this press release of mineral resources is based on the technical report. Details of the quality or grade of each category of mineral resources and key assumptions, parameters and methods used to estimate the mineral resources is included in the technical reports. The technical report also includes a description of environmental and permitting matters.
On Behalf of the Board of Directors of Gryphon Gold Corporation
John L. Key, CEO www.gryphongold.com
Ph: 775 853-8814